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Annual-Report-En-2017.Pdf COVER NEW_M5 copy.pdf 1 13/3/61 21:32 Untitled-2 1 17/3/61 6:20 PM Our Vision: THE MOST ADMIRED BANK 001-079 (4C) NEW_M5.indd 1 12/3/61 16:22 001-079 (4C) NEW_M5.indd 2 12/3/61 16:23 001-079 (4C) NEW_M5.indd 3 12/3/61 16:23 001-079 (4C) NEW_M5.indd 4 12/3/61 16:23 * Photo Shot at Food Court, SCB Head Office 001-079 (4C) NEW_M5.indd 5 12/3/61 16:23 001-079 (4C) NEW_M5.indd 6 12/3/61 16:23 * Photo Shot at SCB Business Center, 5th Floor CentralWorld 001-079 (4C) NEW_M5.indd 7 12/3/61 16:23 001-079 (4C) NEW_M5.indd 8 12/3/61 16:23 * Photo Shot at SCB Investment Center, 5th Floor CentralWorld 001-079 (4C) NEW_M5.indd 9 12/3/61 16:23 001-079 (4C) NEW_M5.indd 10 12/3/61 16:23 * Photo Shot at Too Fast To Sleep. SCB 2nd Floor, SCB Siam Square Branch 001-079 (4C) NEW_M5.indd 11 12/3/61 16:23 001-079 (4C) NEW_M5.indd 12 12/3/61 16:23 * Photo Shot at SCB Academy, SCB Head Office 001-079 (4C) NEW_M5.indd 13 12/3/61 16:24 ANNUAL REPORT 2017 CONTENTS 01 02 05 06 MESSAGE FROM BOARD OF DIRECTORS CORPORATE SOCIAL CORPORATE THE BOARD OF 18 AND SENIOR EXECUTIVE RESPONSIBILITY GOVERNANCE DIRECTORS OFFICERS SCB Sustainability Report 82 Corporate Governance Report 2017 94 Board of Directors 22 Corporate Social Responsibility 83 Internal Control and Risk Management 128 Senior Executive Officers Committee Report 30 Related Party Transactions 132 14 Organization Structure 40 The Nomination, Compensation and 134 Corporate Governance Committee Report The Executive Committee Report 136 03 04 07 08 BUSINESS OVERVIEW RISK MANAGEMENT FINANCIAL SUPPLEMENTARY AND RISK FACTORS 66 REPORTS INFORMATION 305 Thai Economy in 2017 and Outlook for 2018 44 Board of Directors Responsibility 140 Industry and Competition Review 46 for the Financial Statements Strategy and Business Overview 49 Audit Committee Report 141 of the Bank and its Subsidiaries Management Discussion and Analysis 145 Awards and Achievement in 2017 64 Comparative Key Financial Statistics 161 Independent Auditor’s Report 163 Financial Statements and Notes 169 to the Financial Statements 001-079 (4C) NEW_M5.indd 14 12/3/61 16:24 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED CONTENTS 01 02 05 06 MESSAGE FROM BOARD OF DIRECTORS CORPORATE SOCIAL CORPORATE THE BOARD OF 18 AND SENIOR EXECUTIVE RESPONSIBILITY GOVERNANCE DIRECTORS OFFICERS SCB Sustainability Report 82 Corporate Governance Report 2017 94 Board of Directors 22 Corporate Social Responsibility 83 Internal Control and Risk Management 128 Senior Executive Officers Committee Report 30 Related Party Transactions 132 15 Organization Structure 40 The Nomination, Compensation and 134 Corporate Governance Committee Report The Executive Committee Report 136 03 04 07 08 BUSINESS OVERVIEW RISK MANAGEMENT FINANCIAL SUPPLEMENTARY AND RISK FACTORS 66 REPORTS INFORMATION 305 Thai Economy in 2017 and Outlook for 2018 44 Board of Directors Responsibility 140 Industry and Competition Review 46 for the Financial Statements Strategy and Business Overview 49 Audit Committee Report 141 of the Bank and its Subsidiaries Management Discussion and Analysis 145 Awards and Achievement in 2017 64 Comparative Key Financial Statistics 161 Independent Auditor’s Report 163 Financial Statements and Notes 169 to the Financial Statements 001-079 (4C) NEW_M5.indd 15 12/3/61 16:24 ANNUAL REPORT 2017 2017 FINANCIAL HIGHLIGHTS LOANS DEPOSITS PROFITABILITY ASSET QUALITY (Consolidated, Baht billion) (Consolidated, Baht billion) (Consolidated, Baht billion) (Consolidated, Baht billion, %) The 4.9% yoy overall loan growth was contributed The 3.3% yoy deposit growth mainly came from Net profit declined yoy due to higher provisions and NPL coverage ratio rose to 137.3%, while the NPL ratio by corporate and retail segments. higher savings and current deposits, following higher operating expenses. However, net fee income increased slightly yoy. the(Consolidated, Bank’s strategy Baht billion) to increase the proportion and net interest income rose yoy. of low cost deposits. Coverage ratio 150.8% 138.1% 134.3% 137.3% 109.8% 16 +4.9% +3.3% -9.4% yoy yoy yoy Gross NPL 53.3 ratio 2,092 50.2 2,035 2,026 2.83% 47.2 47.6 2.89% 2.67% 1,939 1,895 1,891 2.14% 2.11% 1,833 1,823 43.2 1,735 1,777 Non-performing loans +13.8% yoy 65.6 59.0 57.6 40.0 42.7 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 001-079 (4C) NEW_M5.indd 16 12/3/61 16:24 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED LOANS DEPOSITS PROFITABILITY ASSET QUALITY (Consolidated, Baht billion) (Consolidated, Baht billion) (Consolidated, Baht billion) (Consolidated, Baht billion, %) The 4.9% yoy overall loan growth was contributed The 3.3% yoy deposit growth mainly came from Net profit declined yoy due to higher provisions and NPL coverage ratio rose to 137.3%, while the NPL ratio by corporate and retail segments. higher savings and current deposits, following higher operating expenses. However, net fee income increased slightly yoy. the(Consolidated, Bank’s strategy Baht billion) to increase the proportion and net interest income rose yoy. of low cost deposits. Coverage ratio 150.8% 138.1% 134.3% 137.3% 109.8% 17 +4.9% +3.3% -9.4% yoy yoy yoy Gross NPL 53.3 ratio 2,092 50.2 2,035 2,026 2.83% 47.2 47.6 2.89% 2.67% 1,939 1,895 1,891 2.14% 2.11% 1,833 1,823 43.2 1,735 1,777 Non-performing loans +13.8% yoy 65.6 59.0 57.6 40.0 42.7 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 001-079 (4C) NEW_M5.indd 17 12/3/61 16:24 ANNUAL REPORT 2017 01 MESSAGE FROM THE BOARD OF DIRECTORS 01 02 03 04 05 06 07 08 08 18 Dr. Vichit Suraphongchai Mr. Anand Panyarachun Mr. Arthid Nanthawithaya Chairman of the Executive Chairman of the Board President and Committee Chief Executive Officer 001-079 (4C) NEW_M5.indd 18 12/3/61 16:24 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED Dear Fellow Shareholders, In 2017, the Thai economy registered a higher-than- The Bank invested in: (1) technology platform capabilities expected GDP growth of 3.9 percent and has shown clear to accommodate all types of business requirements for signs of recovery. Major economies around the world new customer experiences, (2) big data analytics to develop also experienced a rebound in unison with the overall labor and deliver products and services that truly meet customer market fully recovering to the level above the pre-crisis needs, and (3) people management to equip SCB people peak of 2008. International trade has accelerated on the with skills and insights to operate in the new financial and back of the global economic expansion which has directly banking landscape. benefited Asian exporters including Thailand. Thai export sector grew at a fast clip of 9.9 percent across the board and was the key reason behind higher GDP growth in 2017. 2017 Financial Results In addition, recovery in the export sector also helped revive private investment after a 3-year period of contraction. Net profit in consolidated amounted to Baht 43,152 million in However, the effect of export growth has not yet fully 2017, a decrease of 9.4% yoy from Baht 47,612 million in the passed through to the labor market and thus household previous year. Lower net profit was primarily due to higher consumption failed to keep pace with the export expansion. prudential provisions set aside to align expected loss principles with new accounting standards to take effect in 2019 as well 2017 has been another challenging year for the financial as an 11.6% rise in operating expenses. Higher expenses 19 services sector, with constant external factors. Today’s were mainly a consequence of the Bank’s investment in competition is no longer limited to banks as global digital banking technology to expand the customer base technology companies, including Telecom and FinTech, through digital platforms, such as mobile banking platform, have begun to offer financial services in their product and new payment technologies, such as QR code payment, platforms, blurring the line of the banking industry. The as part of its digitization strategy. shift towards mobile banking and electronic banking among customers has reduced the need for traditional Total income increased by 2.2% from 2016. Net interest banking channels but come with heightened cyber income grew by 4.4% yoy to Baht 92,310 million, security risk which requires higher vigilance in financial driven by higher loan interest income from a 4.9% yoy transactions. Moreover, advancement of new technologies, loan growth despite an interest rate cut of 0.25% in 2017. such as Blockchain, necessitates the players to on constant Non-interest income totaled Baht 43,903 million, a alert to learn and integrate new technologies into their decrease of 2.2% yoy because of lower net insurance product and service development. Apart from regulatory income and investment income. Net fee income rose changes, Thailand’s transition towards a cashless society 6.7% yoy from stronger mutual fund business, higher which is supported by the government’s national e-payment bancassurance fee, and higher net trading and FX income. program has put direct pressure on fee income of banks with a trend of narrower margins.
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